Regulatory Alerts2012-03-22
Charging Customers for Legal Fees
The Supervisor of Banks issued regulations prohibiting banking corporations from charging customers for legal fees or court costs during ongoing legal proceedings. Banks must wait until the conclusion of the process to demand such fees, which must be determined by a court or other judicial authority. An exception allows banks to charge the minimum fee under the Chamber of Advocates Law during the execution process if specific fees have not yet been determined.
Share